Life is quite a journey, and it is filled with surprises and changes. Joys, ups, and downs in different phases are all aspects of life. Many major events can require modifications to your Florida estate plan. Make time to see an Estate Planning Attorney in Tampa from Mortellaro Law if you encountered these seven life changes in 2023.
Marriage | Estate Planning Attorney
This joyous union often includes more than you and your spouse. You can also combine assets, insurance policies, retirement assets, property ownership, and more. Conversely, you may want to keep these things separate, especially if this is a second marriage. Different families and prior obligations may require adjustments to your beneficiaries, asset distributions, asset protection strategies, and more. Meet with a qualified Estate Planning Attorney in Tampa at Mortellaro Law to make the necessary changes immediately.
Divorce
Divorce may demand many similar adjustments as marriage. You and your former spouse must review property ownership issues, powers of attorney, beneficiaries, retirement accounts, insurance policies, and more to reflect new changes. Some financial ties may be severed while new ones are created. A newly modified estate plan should safeguard your assets and interests in light of the changes divorce brings. Contact Mortellaro Law today if you were divorced in 2023 and need to review your Florida estate plan.
Birth or Adoption
Welcoming a new family member through birth or adoption is cause for great celebration, but it also necessitates a fresh look at your estate plan. Adding a new beneficiary to your will, trusts, and other inheritance strategies is vital. You should also look into appointing guardians, creating new trusts, enacting powers of attorney, and making other financial provisions for their future. Mortellaro Law Estate Planning Attorneys in Tampa can help you review the options and choose the best ones for your situation.
Death | Estate Planning Attorney
Grieving the death of a family member is deeply emotional and troubling, but it can also impact your estate plan. Was the person a beneficiary or your will’s personal representative? Do certain elements need to be changed to reflect the loss of your loved one? Probate matters can become quite complicated if voids are left in your estate plan at the time of your death. Contact Mortellaro Law to review your estate plan if you suffered a loss in 2023.
Sudden Health Changes
We never know when health changes can threaten our lives and future, but when they do, they should be reflected in your health plan. You want your medical and financial wishes to be respected and observed no matter what happens. It may be time to consider completing an advance directive and naming a health care surrogate and other powers of attorney. You may also need to create or modify Medicaid strategies to plan for possible long-term care. Mortellaro Law can work with you to create these critical protections when your health takes a sudden downturn.
Relocating
More and more people are relocating to the Sunshine State to take advantage of many benefits. State laws vary, including those governing your estate plan. Setting up your primary residence in Florida likely necessitates several changes to conform with state law and adequately protect your assets and future. An Estate Planning Attorney in Tampa can ensure your plan conforms with the latest laws and that you take advantage of all the protections to which you are entitled.
Debt or Asset Changes | Estate Planning Attorney
Major acquisitions or losses have a huge impact on your estate plan. Every significant change necessitates a review to see what modifications are necessary. Financial realities change over time. If you had any substantial losses or asset changes in 2023, Mortellaro Law can perform a comprehensive review of your estate plan and recommend changes to reflect new realities.
Align Your Estate Plan Aligns with Life’s Changes
Life is always changing and so, too, should your estate plan. Marriages, divorces, births, deaths, health challenges, debt, asset changes, and more all must be reflected in your estate plan to prevent future headaches for you and your loved ones. If it has been a year or more since you reviewed your Florida estate plan, now is the time to get up to date.
Contact an Estate Planning Attorney in Tampa from Mortellaro Law to schedule an estate plan review and let’s discuss how the events of 2023 demand changes for the future.
